{"id":464997,"date":"2026-02-07T19:57:18","date_gmt":"2026-02-07T19:57:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/464997\/"},"modified":"2026-02-07T19:57:18","modified_gmt":"2026-02-07T19:57:18","slug":"aussie-couple-use-little-known-50000-tax-loophole-to-buy-first-home-together-such-a-good-scheme","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/464997\/","title":{"rendered":"Aussie couple use little-known $50,000 tax loophole to buy first home together: ‘Such a good scheme’"},"content":{"rendered":"

With the price of the average Australian home over one million dollars<\/a> in capital cities, it\u2019s no surprise to hear that it is harder than ever for first-home buyers<\/a> to jump on the property ladder. Jack Petzke recently bought his first home on the Gold Coast.<\/p>\n

He wasn’t eligible for the First Home Owner’s Grant [FHOG]. <\/a>But the engineering consultant found a lesser-known scheme that helped him secure the property.<\/p>\n

“It’s not commonly known, which I’m shocked about, because it’s such a good scheme,” Jack told Yahoo News Australia.<\/p>\n

The First Home Super Saver Scheme<\/a> [FHSSS] was first introduced in July 2017 to help new buyers save for a deposit through their superannuation.<\/p>\n

Voluntary contributions can be withdrawn when it’s time to put down the deposit, without impacting super.<\/p>\n

For Jack, 28, and his fianc\u00e9e Alyshia, their road to homeownership wasn’t a straightforward one.<\/p>\n

Jack said they “struggled from the get-go” to find a house in the competitive market, with many homes selling for a lot higher than listed.<\/p>\n

Because Alyshia already owned a property with her brother, she wasn’t eligible for the FHOG, which meant that Jack, as her spouse, wasn’t eligible either.<\/p>\n

“We didn’t have any support from government or family. It was entirely up to us to get the 20 per cent deposit together,” Jack said.<\/p>\n

Through the Super Saver Scheme, Jack saved for three years to grow his deposit, while Alyshia sold her share of the property she owned to her brother’s partner.<\/p>\n

Finally, with their deposit ready to go, they found a property they loved in Oxenford and moved in during October.<\/p>\n

How does the Super Saver scheme work?<\/p>\n

The First Home Super Saver scheme allows aspiring first-home buyers to boost their deposit by saving through their superannuation, where contributions are taxed at a lower rate than ordinary income.<\/p>\n

Individuals can contribute up to $15,000 a year and $50,000 in total, then withdraw most of those funds \u2014 plus earnings \u2014 when purchasing a home in Australia.<\/p>\n

The tax concessions mean savings can grow faster than in a standard bank account.<\/p>\n

Buyers must apply to the tax office to release the funds before the property officially transfers into their name.<\/p>\n

“It was a good way for me to really use that super account as a savings account, benefit from paying less tax on the savings, and then withdraw those funds to use it for a house deposit,” Jack said.<\/p>\n

“It really forced me to save for the house, in a way that I couldn’t dip into.”<\/p>\n

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Saving for your first home is tougher than ever for young Australians. Source: Getty<\/p>\n

(Getty Images\/iStockphoto)Rate rise forces buyers to be more ‘cautious’ of spending<\/p>\n

On Tuesday, the RBA raised the cash rate by 25 basis points<\/a>, making it the first rise since November 2023.<\/p>\n

The increase will lift mortgage repayments by about $100 per month for the average Aussie homeowner.<\/p>\n

Jack and Alyshia are getting married in May, giving them even more reason to budget.<\/p>\n

“We’re just going to be a little bit more cautious of our spending,” Jack said.<\/p>\n

“Even though it’s only going to be a little bit extra each month, it still makes all the difference that we’re going to have to check our budgets, and we’re going to have to be a little bit tighter and make sure that this won’t affect the wedding because there’s the possibility that it could.”<\/p>\n

The couple\u2019s mortgage broker, Lauren Hall from Loan Market, said the recent rate rise will mainly impact lenders in two ways: stricter borrowing capacity and higher repayments.<\/p>\n

\u201cIf someone’s earning $100,000, $105,000, the borrowing capacity might reduce by $10,000 to $15,000, depending on the bank, with a 0.25 rate increase.<\/p>\n

\u201cSo it’s not drastic. But, again, every little bit helps,\u201d Hall said.<\/p>\n

For the average mortgage, sitting just under $700,000, the rate rise will make a difference of just over $100 a month, she said.<\/p>\n

\u201cIt’s not significant, but I suppose if it’s a sign of more rate increases, that’s going to compound, that’s going to start to have more of an impact.\u201d<\/p>\n

Despite uncertainty around interest rates, Hall said first home buyers shouldn\u2019t be afraid to enter the real estate market.<\/p>\n

\u201cI’ve always believed that the sooner you get into the property market, the better,\u201d she said.<\/p>\n

\u201cBut we want to be doing so, making sure that we’re working out the numbers. We want to make responsible decisions.”<\/p>\n

Do you have a story tip? Email: newsroomau@yahoonews.com<\/a>.<\/p>\n

You can also follow us on Facebook<\/a>, Instagram<\/a>, TikTok<\/a>, Twitter<\/a> and YouTube<\/a>.<\/p>\n

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